4Q FY2011/12 Investor Presentation ASEAN Stars Conference 2012 1 March 2012
Asia’s First Listed Indian Property Trust
Ascendas India Trust
SGX-REITAS Education Series
24 August 2015
Asia’s First Listed Indian Property Trust
2
This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of property rental income and occupancy rate, changes in operating expenses (including employee wages, benefits and training, property expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements.
All measurements of floor area are defined herein as “Super Built-up Area” or “SBA”, which is the sum of the floor area enclosed within the walls, the area occupied by the walls, and the common areas such as the lobbies, lift shafts, toilets and staircases of that property, and in respect of which rent is payable.
The Indian Rupee and Singapore Dollar are defined herein as “INR/₹” and “SGD/S$” respectively.
Any discrepancy between individual amounts and total shown in this presentation is due to rounding.
Disclaimer
Overview
3 cities
3.6 million sq ft of
development potential
8.8 million sq ft
income producing space
6 IT Parks 24 buildings
2 FIABCI Prix d’Excellence
Gold Awards
2 Singapore Corporate
Governance Merit Awards
3 ITPC
4
World-class IT parks
International Tech Park Bangalore
CyberPearl, Hyderabad International Tech Park Chennai
The V, Hyderabad
aVance Business Hub, Hyderabad CyberVale, Chennai
INDIA
Hyderabad
Chennai Bangalore
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Key safeguarding provisions
Permissible Investment Adherence to safeguarding provisions on allowable investments under Property Fund Guidelines
Gearing Limit 40% without credit rating
Development limit 20% of Trust property
Distributable income Minimum 90% to be distributed
Tax-exempt distributions Distributions exempt from Singapore tax
6
2,801
3,783
4,007 4,182
4,899
5,540 5,774
6,108 6,427
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
INR million
102.7
118.1 120.9 121.5
127.5 126.3
120.7
128.8
136.6
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
S$ million
Total Property Income (INR) 11%
CAGR
Healthy revenue growth trends
Total Property Income (SGD)
4% CAGR
(IPO) (IPO)
Annualised 1Q FY16
Annualised 1Q FY16
7
1,651
2,117
2,448 2,425
2,805
3,165
3,450
3,681
4,140
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
INR million
60.5
66.2
73.8 70.6
73.0 72.1 72.1
77.6
88.1
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
S$ million
Net Property Income (SGD)
Healthy income growth trends
Net Property Income (INR) 12%
CAGR 5% CAGR
(IPO) (IPO) Annualised 1Q FY16
Annualised 1Q FY16
8
1.48 1.48 1.50
1.64 1.65
1.82
2.02 2.05 2.06
1.85 1.85 1.79
1.66 1.70 1.72
1.50 1.50 1.54
1.50 1.46
1.33 1.34 1.34
1.15
1.27 1.22 1.22
1.34 1.28
1.40
1.29
1.44 1.52
40
50
60
70
80
90
100
110
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
S¢
SGD DPU moderated by weak Indian Rupee
DPU INR/SGD exchange rate
1. 1H FY07/08 DPU was split equally into 2 quarters (1Q08 & 2Q08) for illustrative purposes. 2. Spot quarterly INR/SGD exchange rate pegged to 30 June 2007, data sourced from Bloomberg. 3. Shows DPU assuming 100% of distributable income was paid out from 1Q13 onwards.
INR/SGD exchange rate2
Change since 1QFY07/08 INR depreciation against SGD: -44% SGD DPU: +3%
1 1 3
FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16
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Operations
331 clients
90,200 park employees
3.2 years weighted average lease expiry
85% tenant retention ratio
9 ITPC
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Portfolio breakdown1
Diversified portfolio
IT, Software & Application
Development and Service Support
43%
Banking & Financial Services
19%
Electronics, Semiconductor &
Engineering 9%
Automobile 8%
Design, Gaming and Media
8%
Telecommunication & Network
4%
Retail 2%
Others 2%
F&B 2%
Healthcare & Pharmaceutical
1%
Oil & Gas 2%
Tenant industry2
1. By floor area, includes aVance 3 which was acquired on 30 July 2015 2. By base rental, as at 30 June 2015
Chennai 29%
Hyderabad 32%
Bangalore 39%
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1. By base rental, as at 30 June 2015
Quality tenant base
Indian Co 10%
MNC 90%
No. In alphabetical order
1 Applied Materials
2 Bank of America Merrill Lynch
3 BNY Mellon
4 Cognizant
5 General Motors
6 Mu Sigma
7 Renault & Nissan
8 Societe Generale
9 Technicolor
10 Xerox
Tenant company structure1 Top 10 tenants1
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1. Jones Lang LaSalle Meghraj market report as at 30 June 2015.
Strong portfolio occupancy
All information as at 30 June 2015
97%
92% 93% 91%
100%
95%
100%
73%
99% 95%
100%
95% 98%
95%
Portfolio ITPB ITPC CyberVale The V CyberPearl aVance
1%
100%
a-iTrust occupancy Market occupancy of peripheral area1 Committed occupancy
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1. Adjusted earnings including interest income, before interest expense, tax, depreciation & amortisation (excluding gains/losses from foreign exchange translation and mark-to-market revaluation of forward foreign exchange contracts).
2. Includes capitalised interest. 3. A secured bank loan was refinanced in 1Q FY15/16 and the security is in the process of being discharged. All borrowings will be unsecured upon discharge
of this security. 4. Ratio of effective borrowings to the value of Trust properties.
Indicator As at 30 June 2015
Interest service coverage
(Adjusted EBITDA1/Interest expenses2)
4.5 times
(1Q FY15/16)
Percentage of fixed rate debt 100%
Percentage of unsecured borrowings 100%3
Effective weighted average cost of debt 6.8%
Debt headroom (40% gearing limit) S$280 million
Robust capital structure
Gearing: 26%4
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Growth
14 14
Growth strategy
Development pipeline
Sponsor pipeline
3rd party pipeline
ITPB
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3.6 3.6 4.7 4.8 4.8
6 6.9 6.9
7.5 8.1 1.2
1.2
0.5
0.6
0.1
0.4
0.6
0.7
IPO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Jul-15
Floor area (million square feet)
Portfolio Development Acquisition
3.6
4.7 4.8 4.8
5.9
6.9
7.5
6.9
8.1 8.8
Good growth track record
12% CAGR
CAGR growth since listing Floor area: 12% Total property income: 11%1
Net property income: 12%1
1. Computed using annualised 1Q FY15/16 results (in INR terms). 2. The acquisition of aVance 3 was completed on 30 July 2015.
2
16
Special Economic Zone1
Taj Vivanta (Hotel)
Park Square (Mall)
• Started construction of 0.62 million sq ft multi-tenanted IT building (“Victor”).
• 2.24 million sq ft of additional space can be developed over time.
Development: ITPB pipeline
Future Development Potential
1. Red line marks border of SEZ area.
Aviator (Multi-tenanted SEZ building)
International Tech Park Bangalore
New Building “Victor”
Voyager (Multi-tenanted SEZ building)
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Development: The V pipeline
Auriga
Mariner Orion
Vega
Capella
• Multi-level car park:
• To be developed on vacant land plot.
• Provides 660 parking lots over 8 levels.
• Construction expected to complete by 2H 2015.
• New IT building (408,000 sq ft):
• To be developed on existing Mariner cafeteria and adjacent vacant land.
• Includes 340 parking lots
• Construction to commence in 2H 2015, expected to complete by 2H 2017.
The V site plan
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• International Tech Park Pune, Pune:
• 0.66m sq ft completed space
• Started construction of 0.62m sq ft
• Vacant land with remaining development potential of 0.99m sq ft
Sponsor: Right of first refusal to assets
Ascendas Land International Pte Ltd
Ascendas India Development Trust • A real estate fund that undertakes development
of greenfield projects
• Committed equity of S$500m
• Land in Gurgaon, Chennai & Coimbatore
Ascendas India Growth Programme (“AIGP”) • A real estate fund that targets business space developments, and pre-stabilised
completed business space assets
• Target asset size of S$600m
• Ascendas Group has given a-iTrust a right of first refusal to its stake in AIGP assets
ITPP, Pune
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Park Statistics
(1)
(2)
3rd party: aVance Business Hub, Hyderabad
(5)
(2)
(1)
(4)
(3)
(7)
(9)
(8)
(6)
Site area: 25.7 acres / 10.4 ha (1), (2) & (3) owned by a-iTrust: 1.11m sq ft
Vendor assets: marked in black Conditional acquisitions of (4) & (5): 1.24m sq ft
Land owner assets: marked in white ROFR to (6), (7), (8) & (9): 1.16m sq ft
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3rd party: Acquired aVance 3 on 30 Jul 15
Location aVance Business Hub, Madhapur, Hyderabad
Total floor area 682,928 sq ft
Construction status Completed
Leasing commitment 94%
Purchase Price INR 2.94 billion (S$63 million1)
1. Converted into SGD using spot exchange rate at the time of acquisition.
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Location Hinjewadi IT Park Phase II, Pune
Floor area 1.52 million sq ft
Tenure 99 year lease, renewable at FDPL’s option1
Construction progress2 87%
Expected construction completion 2H 2015
3rd party: BlueRidge Phase II, Pune
1. Flagship Developers Private Limited (“FDPL”) is the co-developer of BlueRidge IT/ITES SEZ. 2. As at 1 Jul 2015.
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Growth based on committed pipeline
29%
8.75
8.75
0.62 0.41
1.52
Jul-15 Growth pipeline
Floor area (million square feet)
Portfolio Victor New V building BlueRidge II
11.30
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James Goh, CFA
Head, Investor Relations & Asset Management
Ascendas Property Fund Trustee Pte Ltd
(Trustee-Manager of a-iTrust)
Office: +65 6774 1033
Email: [email protected]
Website: www.a-iTrust.com
Contact
23 The V